Lotteries are extremely popular games that generate significant revenues for sponsoring states that offer such games. In a typical lottery, a player (ticket holder) purchases a lottery ticket having ticket numbers and a serial number inscribed thereon. The ticket numbers allow both the ticket holder and a lottery agent to identify whether the ticket holder has won a prize. The serial number uniquely identifies the lottery ticket, and is typically recorded by a lottery agency so that the lottery ticket may be validated. For example, the serial number may be used to verify whether the ticket numbers inscribed on a ticket match those ticket numbers that the lottery agency has recorded as associated with that lottery ticket.
A typical lottery ticket has six ticket numbers, each selected from a range, such as the range of from one to forty-nine. The six ticket numbers may have been selected by the ticket holder or, at the request of the ticket holder, randomly selected by the lottery terminal printing the ticket. On a drawing date, the lottery agency randomly selects six ticket numbers, which are deemed “winning” ticket numbers. A lottery ticket having ticket numbers that match some or all of the winning ticket numbers is a winning ticket, and the corresponding holder of the lottery ticket wins a prize.
The grandparent application of the present application, patent application Ser. No. 08/822,709, entitled SYSTEM AND METHOD FOR PERFORMING LOTTERY TICKET TRANSACTIONS UTILIZING POINT-OF-SALE TERMINALS, filed on Mar. 21, 1997, discloses a system and method by which fractional lottery tickets may be sold to a customer at a point-of-sale (“POS”) terminal in exchange for change due. For example, a customer may bring a purchase to a POS terminal, and the POS terminal may calculate the purchase price to be $4.74. If the purchase price is rounded to the nearest $1, the change due is $5.00−$4.74=$0.26. Accordingly, the customer may be sold a 26% share of a $1 lottery ticket in lieu of the change due. If the lottery ticket wins, 26% of the corresponding prize is awarded to the customer.
There are numerous advantages to providing a fractional lottery ticket in exchange for change due. As described in the parent application of the present application, patent application Ser. No. 08/920,116, entitled METHOD AND SYSTEM FOR PROCESSING SUPPLEMENTARY PRODUCT SALES AT A POINT-OF-SALE TERMINAL, filed on Aug. 26, 1997, dispensing and collecting coins is costly and burdensome. Furthermore, many customers consider coins to be dirty, and would prefer not to handle them. Thus, many customers will find the exchange of change due for a fractional lottery ticket to be very desirable.
Unfortunately, some state lottery agencies may be reluctant to change their practices by issuing lottery tickets for fractional amounts. Such state lottery agencies may instead prefer to offer tickets in only a few predetermined, rounded amounts, such as tickets for $1, $2 and $5 only. In some circumstances, the ability to offer fractional lottery tickets may require substantial modifications to the hardware and software of lottery terminals used throughout one or more states. Although such changes may ultimately be profitable, the initial cost may be perceived to be unduly burdensome, and the eventual profit to be made may appear too speculative. In summary, the issuance of fractional lottery tickets by state lottery agencies may not be practical in all circumstances.
Accordingly, it would be advantageous to facilitate the purchase of fractional lottery tickets without requiring significant changes in existing lottery systems.